1176                            Laws of Maryland                       [Ch. 734

issuing the same, the seal of such county shall be affixed thereto and
attested in such manner, and any coupons attached thereto shall bear
the facsimile signature of such officer as the Board of County Com-
missioners shall determine. In case any officer whose signature or
a facsimile of whose signature shall appear on any bonds or coupons
shall cease to be such officer before the delivery of such bonds,
such signature of such facsimile shall nevertheless be valid and
sufficient for all purposes the same as if he had remained in office
until such delivery. All bonds issued under the provisions of this
section shall have and are hereby declared to have all the qualities
and incidents of negotiable instruments under the negotiable instru-
ments law of the State. The bonds may be issued in coupon or in
registered form, or both, as the said Board of County Commissioners
may determine, and provision may be made for the registration of
any coupon bonds as to principal alone and also as to both principal
and interest, and for the reconversion into coupon bonds of any
bonds registered as to both principal and interest. Said Board of
County Commissioners may sell such bonds in such manner, either at
public or private sale, and for such price as it may determine to be
for the best interest of the county, but no such sale shall be made at
a price so low as to require the payment of interest on the money
received therefor at more than four per centum per annum, computed
with relation to the absolute maturity of the bonds in accordance
with standard tables of bond values, excluding, however, from such
computation the amount of any premium to be paid on redemption
of any bonds prior to maturity. The provisions of Sections 32 to 34,
inclusive, of Article 31 of the Annotated Code of Maryland (1951 Edi-
tion) and any amendments thereto, shall not apply to bonds issued
under the provisions of this section.

Sec. 3. And be it further enacted, That the entire proceeds from
the sale of any bonds issued under the provisions of this section, after
payment of all costs and expenses incurred in connection with the
preparation, sale and delivery of the bonds, shall be used solely for
the payment of the cost of capital improvements to Winchester Hall,
the Montevue County Home and, the Chronic Hospital, AND FOR
CONSTRUCTION AND EQUIPMENT FOR A HEALTH CENTER
in Frederick County. Any balance remaining after the payment of
said capital improvements shall be used to pay the interest on or to
redeem any of said bonds.

Sec. 4. And be it further enacted, That in order to pay the prin-
cipal of and interest on said bonds when and as the same become due
and payable, the Board of County Commissioners of each county
issuing the same are hereby authorized and directed to levy in each
and every year in which any of said bonds are outstanding upon the
taxable basis of said county a tax sufficient in rate and amount (a)
if said bonds are issued in series maturing at stated periods and a
portion of the principal is made payable annually, to pay the interest
and the portion of the principal payable in such year, or (b) if said
bonds are not issued in series, but are payable or redeemable in
whole at a fixed date of maturity, to pay the interest on said bonds
in such year and to produce a sum sufficient to accumulate a sinking
fund for the redemption and payment of such levy when collected
and paid shall be used for such purposes and for no other purpose
than that for which such levy was made; provided, however, that if